Reneo Pharmaceuticals just downgraded at H.C. Wainwright, here’s why

H.C. Wainwright downgraded Reneo Pharmaceuticals to Neutral from Buy with a price target of $1.50, down from $30. The company’s lead drug candidate and sole clinical-stage asset mavodelpar failed to meet either primary or secondary endpoints in the pivotal STRIDE study in primary mitochondrial myopathies, the analyst tells investors in a research note. The firm believes strategic options likely to be evaluated over the coming months. In the absence of details regarding the outcome of any evaluation process to assess what options might be available, the firm intends “to wait watchfully in the interim.”